It's the latest expression of the strong financial health of the league. The 32 teams will be able to spend ~$133 million each on player salaries next year — a significant increase from the reported $126.3 million cap that was projected late last year.

It's the highest salary cap ever.

The salary cap is determined by the total revenue the league generates. Under the new CBA, players get around 48% of league revenue.

The unexpected increase has two immediate repercussions:

1. Teams in cap trouble will have a little more flexibility.

2. The cheapest teams will have to scramble to meet the salary floor.

Right now the Cowboys and Steelers are the only teams over the projected cap. Dallas will have to cut about $7 million in salary, while Pittsburgh needs to shed $3 million.

Here are the highest-spending teams in the league going into 2014. They'll get a little bit of relief with the cap hike (via Over The Cap):

Cowboys

Steelers

Chargers

Seahawks

Rams

Saints

Texans

Bears

Chiefs

On the other end of things, more than half the teams in the league are below the salary floor. By rule, NFL teams have to spend 89% of the cap — which works out to about $118 million in 2014.

Things will change significantly in free agency. But right now the Raiders only have $60 million in active 2014 NFL salary. The Browns, Jaguars, and Colts have less than $92 million.